China’s secret weapon in the global race to lead AI innovation is its enormous electricity resources. While China quietly plugs away at ramping up its development and integration of large language models, Western countries are facing increasing energy security tradeoffs to keep data centers running. The increased energy demand and grid capacity required to run AI’s ever-expanding computational load are putting enormous strain on power grids in Western countries. Power grids were already in a precarious position in the United States…

Stronger refining margins and higher throughput volumes helped U.S. refining giant Valero Energy Corporation (NYSE: VLO) beat analyst estimates of fourth-quarter earnings. Valero on Thursday kicked off the earnings season for the U.S. refiners by reporting an adjusted net income attributable to Valero stockholders of $1.2 billion, or $3.82 per share, for the fourth quarter. This easily beat the analyst consensus estimate of $3.27 earnings per share in The Wall Street Journal. Strong refining margins boosted the net income, as the refining margin…

India’s largest private refiner, Reliance Industries, will import about 150,000 barrels per day (bpd) of non-sanctioned Russian crude from February, as it limits intake from Russia and complies with the U.S. sanctions, a source with knowledge of the procurement plans told Bloomberg on Thursday.   Before the U.S. sanctions on Russia’s top producers Rosneft and Lukoil, Reliance Industries of Indian billionaire Mukesh Ambani was the biggest buyer of Russian crude oil, importing more than 500,000 bpd thanks to a long-term deal…

India’s largest private refiner, Reliance Industries, will import about 150,000 barrels per day (bpd) of non-sanctioned Russian crude from February, as it limits intake from Russia and complies with the U.S. sanctions, a source with knowledge of the procurement plans told Bloomberg on Thursday.   Before the U.S. sanctions on Russia’s top producers Rosneft and Lukoil, Reliance Industries of Indian billionaire Mukesh Ambani was the biggest buyer of Russian crude oil, importing more than 500,000 bpd thanks to a long-term deal…

Citgo Petroleum, the U.S.-based refiner formerly owned by Venezuela’s state oil firm PDVSA, has bought its first Venezuelan crude under U.S. control, anonymous sources with knowledge of the situation have told Reuters. Citgo, which is the seventh-largest refiner in the United States with a total capacity topping 800,000 barrels per day (bpd), is in the process of being acquired by an affiliate of Elliott Investment Management in a court-ordered auction to pay off PDVSA’s debt to creditors.   Citgo was one of Venezuela’s top…

Citgo Petroleum, the U.S.-based refiner formerly owned by Venezuela’s state oil firm PDVSA, has bought its first Venezuelan crude under U.S. control, anonymous sources with knowledge of the situation have told Reuters. Citgo, which is the seventh-largest refiner in the United States with a total capacity topping 800,000 barrels per day (bpd), is in the process of being acquired by an affiliate of Elliott Investment Management in a court-ordered auction to pay off PDVSA’s debt to creditors.   Citgo was one of Venezuela’s top…